China’s software, IT service industry boosts double-digit growth
BEIJING, CHINA — China’s software and information technology service industry experienced significant double-digit growth in both revenue and profits during the first four months of 2024.
According to official data released by the Ministry of Industry and Information Technology, the sector’s total profits soared by 14.3% year-on-year, reaching 431.4 billion yuan (US$60.69 billion).
This robust growth underscores the industry’s resilience and its critical role in China’s economic landscape.
Revenue growth across sub-sectors
The industry’s combined revenue rose by 11.6% year over year to 3.8 trillion yuan (US$524 billion).
A substantial portion of this revenue came from the information technology service sub-sector, which saw a 13.2% increase to around 2.5 trillion yuan (US$345 billion). This sub-sector alone contributed 65.9% of the total industry revenue.
Cloud computing, big data drive innovation
Cloud computing and big data services were standout performers, with their combined revenue surging by 14.3% compared to the same period in 2023, reaching 410.7 billion yuan (US$56 billion).
This growth highlights the increasing demand for advanced data solutions and cloud infrastructure in various sectors.
Software products, cybersecurity in high demand
Revenues from software products and information security also saw notable increases. Software products saw an 8.7% revenue rise, while information security services grew by 9.3% year over year.
These figures reflect the growing importance of cybersecurity and innovative software solutions in the digital age.
The double-digit revenue and profit growth in China’s software and IT service industry during the first four months of 2024 demonstrates the sector’s dynamic expansion and pivotal role in driving technological advancements and economic growth.
As the industry continues to evolve, it is poised to enhance further its contributions to China’s digital economy.
